People earning Rs 10 lakh per annum or more would soon loose the LPG subsidy. According to the latest report from the Income tax department, the personal data of a taxpayer like PAN, residential address, the mobile number will be shared with Oil Ministry as a part of Government initiative to give up LPG subsidy to people who earn Rs 10 lakh or more.

As a part of the official deal between Income tax department and Oil ministry, the taxman will share the personal details to the oil ministry and the later will sort out the data and zero down the subsidy to those people who earn higher than Rs 10 lakh and has not voluntarily surrendered the subsidy.The IT department is yet to sign the MoU with the oil ministry and the process will be completed soon and begin the transfer of the data in a confidential manner. It is said that the shared data will be processed by the oil ministry and list out the eligible names to zero down the subsidy and share only those names to the LPG distributors for the later to process the list.

The IT department till now used to share such data only with Law enforcement agencies like CBI, CID or ED for investigative purposes.

The government of India last year decided that the subsidy will not be accessible to people with taxable income of Rs 10 lakh per family and asked to voluntarily surrender the subsidy.

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About Praveen PenugondaHave interests in multiple aspects and write articles on Technology, Lifestyle and Finance. Tracking developments since the launch of Nokia 1100 and completion of Human Genome Project